The Congressional Budget Office projects a significant rise in U.S. national debt, estimating an increase of $23.9 trillion over the next decade, with budget deficits expected to reach $1.87 trillion this year. Annual deficits, predicted to stabilize initially, are seen widening due to continued growth in government spending largely attributed to Social Security and Medicare. Trump's proposed tax cuts, projected to add over $4 trillion to deficits, potentially create challenges for the incoming administration. A focus on balancing revenue and spending is emphasized as lawmakers seek to manage a growing fiscal gap.